🚀 Crypto Market Update: XRP, BTC, and ETH Investment Products Receive $261M Inflows 📈
💼 CoinShares' Digital Asset Fund Weekly Flow Report has some exciting news regarding cryptocurrency investments.
💰 Investment Inflows:
- The crypto market has seen a remarkable $261 million inflow in the past week.
- Notably, this marks the sixth consecutive week of inflows into digital asset investment products.
- In the last six weeks, these products have attracted a total of $767 million, surpassing the total inflow for all of last year, which was $736 million.
🔝 Leader of the Pack:
- Bitcoin (BTC) takes the lead with a substantial inflow of $229 million, contributing to a year-to-date (YTD) inflow of $842 million.
- This surge in BTC investment is attributed to growing anticipation for the launch of a spot Bitcoin Exchange-Traded Fund (ETF).
- Ethereum (ETH) follows with an inflow of $17.5 million, securing its place as the second-highest in inflows.
🌊 XRP: Modest Inflow Amid SEC Lawsuit:
- Despite the ongoing SEC v. Ripple legal battle, digital asset investment products linked to XRP still managed to record a modest inflow of $0.2 million ($200K) in the past week.
- This brings XRP's YTD flow to about $15 million, and the total investment in XRP's products currently stands at $73 million.
- Investors seem cautious, likely awaiting the conclusion of the SEC lawsuit before committing larger sums to XRP-related products.
💹 Other Notable Inflows:
- SOL (Solana) makes a significant impact as the third crypto asset with the largest inflow, attracting $10.8 million.
- ADA (Cardano) records a more modest inflow of $0.5 million ($500,000).
🌍 Flows by Country:
- The United States takes the lead in terms of investment flows, contributing approximately $157 million to digital asset products in the past week.
- Other countries that saw notable inflows include Germany ($63 million), Switzerland ($35.5 million), and Canada ($9.2 million).🚀
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